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Home Publications Blogs Beat the Press NYT Forgot To Mention EU/ECB Contribution to High French Unemployment

NYT Forgot To Mention EU/ECB Contribution to High French Unemployment

Thursday, 08 August 2013 04:50

The NYT had an article on French President Francois Hollande's efforts to lower the unemployment rate. The article neglected to mention the role of the policy of the European Central Bank and European Union in raising unemployment in France.

The EU/ECB have forced the countries of southern Europe to have large cuts in government spending and tax increases. This has pushed the countries into a severe recession, thereby sharply reducing demand for imports from countries like France. 

This would be analogous to a situation in which the NYT was discussing the economic situation of Indiana without ever mentioning that the economies of Illinois and Ohio were in severe recessions. It will be very difficult for France to recover as long as the EU/ECB are insisting on policies that keep Spain, Portugal, Greece, and Italy in recession.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.